AUM Disclosures & Firm Definition

References to “we,” “us,” “our,” and “Sands Capital” refer collectively to Sands Capital Management, LLC, which provides investment advisory services with respect to Sands Capital’s public market investment strategies, and Sands Capital Alternatives, LLC, which provides investment advisory services with respect to Sands Capital’s private market investment strategies, which are available only to qualified investors. As the context requires, the term “Sands Capital” may refer to such entities individually or collectively.

AUM includes the discretionary and non-discretionary assets of Sands Capital Management, LLC, and the gross assets of all funds for Sands Capital Alternatives, LLC rounded to the nearest billion. Private holdings valuations for Sands Capital Alternatives are updated 45 to 60 days after quarter-end.